The Minority in Parliament has renewed its call for accountability over a reported GH¢22 billion loss under the Domestic Gold Purchase Programme (DGPP) in 2025.
The Minority Leader, Alexander Afenyo-Markin, made the call in a statement issued on Wednesday, August 19, 2026, in response to comments by the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi.
The Minority said the GoldBod’s response to its earlier concerns did not disprove the reported loss but instead confirmed some of the figures it had raised.
According to Mr Afenyo-Markin, the International Monetary Fund (IMF) reported a loss of US$1.7 billion, equivalent to about GH¢22 billion, under the DGPP in its August 2026 Sixth Country Report.
He argued that regardless of which government institution bears responsibility for the loss, the money involved was public funds and must be accounted for.
The Minority also questioned GoldBod’s reported operational surplus of GH¢907 million.
It noted that, according to the GoldBod CEO, the institution accounted for about GH¢133 billion in advances under the programme in 2025 and received an assay fee of 0.258 per cent and a service fee of 0.5 per cent.
Mr Afenyo-Markin argued that these fees generated about GH¢1 billion for GoldBod.
He therefore questioned how the institution could describe its GH¢907 million operational surplus as a major achievement when the programme under which the fees were earned reportedly resulted in a GH¢22 billion loss to the state.
The Minority Leader further argued that GoldBod could not claim credit for the benefits of the DGPP while distancing itself from the reported financial losses.
He noted that GoldBod had been associated with claims that the programme contributed to a 41 per cent appreciation of the cedi, an increase in Ghana’s reserves from US$8.9 billion to US$13 billion and a reduction in inflation.
According to him, an institution that takes credit for such outcomes must also be prepared to account for the costs associated with the programme.
The Minority also raised concerns about the funding arrangements for the Gold for Reserves and related programmes.
It said, based on the GoldBod CEO’s account, responsibility for the implementation cost of the Ghana Alternative Reserves and Assets Programme (GANRAP) shifted from the Bank of Ghana to the Ministry of Finance in July 2026, while GoldBod was seeking to raise funds independently from August.
Mr Afenyo-Markin described the changes as evidence that the funding model was yet to be settled.
He therefore called for the reported GH¢22 billion loss to be properly accounted for, insisting that the matter concerned the finances of the Republic.
The Minority Leader also criticised comments attributed to the GoldBod CEO during his response, particularly a reference to a brothel.
He argued that such language was inappropriate for a public official responding to questions about the management of public funds.
“Ghanaians asked for figures. They were given insults. The figures are still outstanding,” Mr Afenyo-Markin stated.
The Minority said it would continue to demand answers on the financial and operational performance of GoldBod and the Domestic Gold Purchase Programme.
By: Jacob Aggrey
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